TLDR Crypto 2022-01-27

Reddit is testing a feature, similar to one recently launched on Twitter, that will let users set any NFT they own as a profile picture. The test is still in a very early stage and the feature is not yet available to public users. Reddit has been experimenting with various initiatives around NFTs, including releasing its own CryptoSnoos NFT collection. The reception to NFTs has been mixed, with some companies like Discord and Mozilla pausing crypto projects after significant user backlash.

Rally.io is an Ethereum-based platform for creators to launch their own social tokens. It recently announced that its venture studio SuperLayer will work with startups to launch tokenized consumer products via the RLY network on Solana. The RLY token was recently launched on Solana, enabling cross-chain liquidity and functionality for the protocol. SuperLayer will focus on large-scale use cases involving ecosystems with potentially millions of tokens. Solana was chosen as it offers cheaper and faster transactions compared to Ethereum.

Coinbase is building an open marketplace where users will be able to buy NFTs using any self-custody wallet of choice. Users will still be able to use a Coinbase wallet if they wish. The processes for buying NFTs and switching wallets will be very simple. NFTs will show up on users' profiles and can be hidden or listed for sale immediately. A short video demonstration of how to use a self-custody wallet to buy an NFT on Coinbase NFT is available in the first tweet.

Soulbound items in games, once picked up, can not be transferred or sold to another player. Obtaining these items usually requires a player to complete complicated objectives. This article discusses the idea of making NFTs non-transferable so that ownership of an NFT can represent more than just purchasing power. Using non-transferable NFTs could prevent governance power from going to the highest bidder and could also allow the holder to verify information about themselves. However, there are still many technical challenges to overcome before any system designed to limit or prevent transfers can be implemented.

A blockchain's function is not just to facilitate trade, but to also persist the records of ownership. Maintaining property ledgers is one of the core functions of a nation-state. As with any state, good governance is necessary to gain political legitimacy. This article discusses how blockchains are governed by consensus and how decisions are made on protocols. Blockchain technology may one day be used everywhere so it is worth understanding the rules on how it is governed.

OlympusDAO is the decentralized autonomous organization behind ohm, a reserve cryptocurrency backed by valuable assets. Ohm is also used to govern the decentralized Olympus protocol and vote on decisions to be made by OlympusDAO. Olympus' recent downfall has caused Crypto Twitter to label the project as a Ponzi scheme. This article looks at the project, explores how the decentralized reserve currency works and explains why the technology is necessary in a decentralized financial ecosystem. With over 80,000 wallets holding the ohm token, the project is still expanding.

FTX US raised $400 million in its first external fundraising round, giving the cryptocurrency exchange a valuation of $8 billion. The deal shows that investor confidence has not been shaken despite cryptocurrency prices falling sharply. Bitcoin and Ethereum have both roughly halved in value since all-time highs in November. FTX US facilitated more than $67 billion in spot cryptocurrency trades last year and has 1.2 million registered users. The main FTX company is headquartered in the Bahamas and valued at $25 billion.

Russia's central bank has called for a ban on Bitcoin mining and cryptocurrency transactions, stating that the expansion of the activity was risky due to high volatility and other factors. Russian President Vladimir Putin wants the Russian government and the central bank to reach a consensus on the issue. He believes that Russia has a competitive advantage in Bitcoin mining due to the country's surplus of energy and well-trained personnel. Russia currently provides more than 10% of the Bitcoin network's computing power. Its government has reportedly been considering using Bitcoin as a way to sidestep US sanctions.

MakerDAO's members have voted to fire its Content Production Core Unit. The decentralized autonomous organization was the first lending protocol on the Ethereum network. MakerDAO transitioned to decentralized governance last year, so decisions are made by people who own MKR tokens. Members of the organization criticized the content team's lack of speed and quality of work and voted to remove funding from the team. The vote was close and there was high participation.